Am I being played?

Head_Hunter

I noticed a property listing yesterday that fits my budget and needs, so I contacted the EA to request a viewing. They replied today telling me that the last day for viewing is tomorrow and the current bid is 28,000 higher than the list price. The property is listed less than two weeks. The very short viewing time period and >20% increase on price seems odd to me. Does this seem strange to anyone else?

Michael D Not Higgins

A number of things could have happened here.
1) it's a desirable area and there's a lot of interest
2) a higher sale fell through and is on it's second round through
3) EA is playing you

3 is the least likely I would say

Mellifera

Don't know...
Have you looked on other websites/EAs to see if it's listed anywhere else?

Ken.

About all you can do is go look at it and put in the bid you want. Tell them that's all you are bidding and if the high bidder drops out to contact you. Don't get your hopes up though.

Uno my Uno.

Head_Hunter wrote: »

I noticed a property listing yesterday that fits my budget and needs, so I contacted the EA to request a viewing. They replied today telling me that the last day for viewing is tomorrow and the current bid is 28,000 higher than the list price. The property is listed less than two weeks. The very short viewing time period and >20% increase on price seems odd to me. Does this seem strange to anyone else?

probably not, the EA isn't trying to draw you in he's trying get you to eff off. There is a shortage of property at the moment, if it's a decent property it could easily move quickly and for more than the asking.

Tefral

Here in Limerick I passed a for sale sign on the front of a house that went up the Wednesday morning as I was going to work. By Friday there was a big sale agreed sticker over it.

Things seem to be moving fast if it's anyway decent.

Archaeoliz

Perhaps see if the EA will put that in an email rather than on the phone/chat.

If I have it in writing I'm more inclined to believe them, but I don't tend to believe what I'm told verbally. I tend to go down the "Ok that's fine, could you pop that in an email for me so I can forward it to Mr Archaeoliz before we decide how to proceed, thanks".

brownej

In a desirable location or desirable type of house then this is very possible.
In the last couple of months I have put offers in on two houses that went sale agreed within a couple of weeks. They went very high very fast!

PetuniaT

Things move fast in some areas. I went to a first viewing on the Saturday of the bank holiday and rang agent on the following Tuesday morning when he told me the high bid was now 28,000 over the asking price. It was marked sale agreed the following day at I can only imagine was higher again as there were many active bidders. It happens

Head_Hunter

I should have mentioned that the house is not desirable, it requires work and looks like it has been un lived in for at least a year. The entire property needs painting inside and outside, new kitchen and the lawns are completely overgrown with two foot weeds. I didn't expect there to be any offers on it at all. It's a 1000sq foot 3 bed, so not very big. The only thing it has going for it is the location and the original price was sensible.

davo10

Head_Hunter wrote: »

I should have mentioned that the house is not desirable, it requires work and looks like it has been un lived in for at least a year. The entire property needs painting inside and outside, new kitchen and the lawns are completely overgrown with two foot weeds. I didn't expect there to be any offers on it at all.

If you want it, you should assume that others will as well. A property like that is often brought to market at a reduced price (?€140k) which takes account of the fact that money needs to be spent to bring it up to scratch. Reduced prices attract investors and buyers who want to buy properties that they can renovate to their own particular requirements.

Location is often the most important factor which effects price, the 3 bed dump in the country side might sell for 50k, but inside the M50 and you can add another zero. What is a sensible price? Just what you believe it is worth or is it what the market says it is worth?

Howjoe1

Head_Hunter wrote: »

I should have mentioned that the house is not desirable, it requires work and looks like it has been un lived in for at least a year. The entire property needs painting inside and outside, new kitchen and the lawns are completely overgrown with two foot weeds. I didn't expect there to be any offers on it at all. It's a 1000sq foot 3 bed, so not very big. The only thing it has going for it is the location and the original price was sensible.

Location always the most crucial criteria when it comes to house price inflation.

Wabbit Ears

A fixrupper in a desirable location. .. people literally start going mad and lobbing money at those until they go for silly money way more than their worth.. blank canvasses seem to be irresistible.

Head_Hunter

I found some new information with a quick google search, this information was not disclosed by the agent when asked about the previous owner. Turns out the owner died in the house over a year ago, quiet a bit longer than I was lead to believe. It is now close to 40k over the original asking price, so they say

Michael D Not Higgins

Head_Hunter wrote: »

I found some new information with a quick google search, this information was not disclosed by the agent when asked about the previous owner. Turns out the owner died in the house over a year ago, quiet a bit longer than I was lead to believe. It is now close to 40k over the original asking price, so they say

Who cares if they died in the house and how does this affect your initial story? There could be a number of reason it wasn't sold immediately, most likely a disagreement in the family on who gets what in the estate and if the house should be sold.

It might lend creedence to why it's selling so quickly. If people knew it was going to come onto the market, they may already have had their eye on it.